Here is a comparison between DLOG and ART. Settings were 0 across the board on both.
View attachment 69881
Hmmm... It appears that certain settings are baked into the profile, similar to the way sharpness, contrast, color balance and the rest are baked into a jpeg still. It seems to me that "NONE" may be the best way to go, especially when you consider contrast (and other) settings are destructive. You can't undo a contrast adjustment that's baked in. Increasing contrast implies a loss of color information that cannot be recovered. Same thing with sharpness, which is another adjustment that may be baked into a profile, Sharpness can't be undone either. IMO you may try, but GIGO. .
Here comes the disclaimer: I'm new at video, but I'm not a noob photographer. I always shoot RAW. I prefer to apply adjustments to the pristine file in post. Why shouldn't this apply to video? If the P4 offered me a RAW video file, then that's what I would use. Short of that I still want to apply any adjustments that need to be done in post. I would rather make adjustments myself. Start with a file that contains as much information as possible, and go from there.
Shoot the same subject for the same duration, using different profiles. Then see which file is the largest. That's the one I would use. To me, anything else is speculation.
If I had my way I would hang a 5D4 under the belly of a quad capable of lifting it, but that's beyond my price point. The P4 is the best I can afford. It does a good job, but the output of it's camera is chock full of compromises. It's a shame that the level of compression is not user adjustable. 4K is wonderful, but a good deal of information is compressed away.
God only knows how much of this I got wrong...
Just my $.02
Cheers